Blockchain technology, which is predicted to bring big changes to lives in the coming years, can be efficiently used across sectors in Vietnam like agriculture, logistics and finance, heard the blockchain summit on June 8.

Blockchain technology can be efficiently used across sectors like agriculture, logistics and finance in Vietnam

The application of blockchain is often mentioned by technological firms, solution providers and experts, but not many true stories have been told.

At the summit, held by the Vietnam E-commerce Association and the Vietnam E-commerce and Information Technology Agency (VECITA), a story about the effective use of blockchain technology in Vietnam to trace origin of farm produce was told. This has pointed to the feasibility of applying the technology in an agricultural-based country like Vietnam, which will help increase values of farm produce and build up consumer confidence in clear product origin.

Dong Thap Province-based My Xuong Cooperative introduced its Cat Chu mangos that have QR code. Customers can use messaging app Zalo or other mobile apps that allow QR code scans, and details about the product will then pop up. This, resulting from the cooperative’s application of blockchain technology, enables customers to know product origin and avoid buying mangos which are falsely claimed to be Cat Chu mangos.

According to Bui Minh Can, deputy director of My Xuong Cooperative, with nearly 100 hectares of mangos, a big difficulty that the cooperative has faced is that identity stamps on mangos can be imitated and do not show when a particular mango is harvested. However, the risk of fake stamps is diminished thanks to blockchain technology.

Speaking at the event, Dao Ha Trung, CEO of TE-FOOD International, said that investments in blockchain applications are worthwhile. Nonetheless, they will vary according to different needs of users.

People have tended to associate blockchain with the financial sector and cryptocurrency. Therefore, the blockchain summit was intended to send the message that this technology can be applied in multiple sectors and to recommend Vietnam promote blockchain research and application as the technology can contribute to developing the digital economy.

Nguyen The Quang, deputy director of VECITA, said on the sidelines of the summit that blockchain technology will become familiar with Vietnamese people like the Internet.

VECITA director Dang Hoang Hai told the summit that there must be trust in blockchain technology and many examples of the effective use of blockchain to make it popular in Vietnam.

At the summit, the Vietnam E-commerce Association debuted the blockchain chapter.

According to Nguyen Thanh Hung, chairman of the association, the establishment of the blockchain chapter is necessary to boost the application of blockchain technology in economic activities.

The chapter will give comments on relevant policies and regulations to create a favorable environment for blockchain research, development and application. Besides, it will collaborate with organizations to provide training and assist young people in starting a business in fields relating to blockchain.